Research News departments to keep a grip on rising levels of loan defaults.
Research News departments to keep a grip on rising levels of loan defaults.
The oil and gas sector, which has been battered by two years of low oil prices, continues to downsize. However, the pace has moderated, with only a third of firms planning job cuts in 2017, compared with almost half in 2016. Oil firm executives who participated in the survey reported greater optimism, with 77 % expecting their 2017 revenues to be higher, thanks to higher oil prices following output cuts agreed in last November’ s OPEC meeting. to cut staff numbers this year, only marginally better than the 55 % level who reported having cut jobs in 2016. The sector has been hit hard by cuts in government budgets and cancelled or delayed projects. It has also suffered billions of dollars in delayed payments, in some cases resulting in wages for thousands of workers going unpaid for several months.
According to media reports, the Saudi government recently started repaying long overdue payments to its contractors, shortly after its successful $ 17 billion fund raising in international bond markets.
Construction remains among the region’ s worst performing sectors, according to GulfTalent’ s survey. 45 % of construction firms who participated in the survey reported plans
Shifting Skill Needs
GulfTalent’ s research found that many of the same companies reducing staff plan to
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